Bank Nifty is at Multi-Month Support level of 25138 and consolidating for last few days.
If this level sustains and price bounces off, go long at 25355.10 PDH+buffer, yeah 200pts movement is common these days ;)
if it breaches the current level go short at low of breaching Red candle with target at next important support at 24473.13
On monthly chart, the Nifty is in uptrend which has just made a swing high.
To break this uptrend, it has to breach last swing low position at 9951.90 (marked as red line, between 2 orange lines)
Now, as per Fib Ret it may retract till (immediate retractment levels at 0.382, 0.50):
Support 1 - 10250
Support 2 - 9792. Since...
1. Fundamental Analysis
Financial trend Positive
In downtrend till 1275.70 level is not breached
Started forming Dojis around the same level.
Short if swing high is made below this level
1275.70 is also a resistance zone. Is it breaks, then go long on High of candle breaking...
Reliance is getting compressed in channel bound manner.
As per channel it should move higher till Resistance is reached.
Wait for resistance to sustain or breach.
If it sustains, Short on low of red candle formed.
If it breaches, Long on high of green candle formed.